9M 2015 Analysts’ Briefing

09 November 2015

Outline

9M 2015 Results • Financial Statements • Margins • Capex • Operating Statistics

2

Key Messages

3

1. Net income growth sustained at 19% to P12.8b

2. Revenues increased 10% to P75.0b driven by the steady performance of core real estate businesses which grew 18% before intercompany adjustments

3. Sustained margin improvement across product lines

4. Balance Sheet is in a solid position to support growth

5. Capex spend reached P60.3b

6. Total projects launched worth P97.9b as of 9M 2015 composed of 27 residential projects, 13 leasing projects and 3 estates

Net income growth sustained at 19% to P12.8b

4

• Revenues higher by 10%

• GAE ratio improved to 6.2% from 6.5%

• EBIT margin higher at 33% (vs. 31%)

*Includes interest income on accretion. Per statutory reporting (17q), interest income on accretion is classified under Interest Income

Income Statement 9M 2015 9M 2014 Change %

(in Php millions) Total Revenues 75,047 68,316 6,731 10% Real Estate* 73,637 66,638 6,999 11% Interest & Other Income 1,410 1,678 (268) -16% Equity in Net Earnings of Associates and JVs (145) 599 (744) -124% Interest & Investment Income 912 641 271 42% Other Income 643 438 205 47%

Expenses 54,708 50,842 3,866 8% Real Estate 44,971 42,112 2,859 7% GAE 4,648 4,436 213 5% Interest Expense, Financing and other charges 5,088 4,294 794 18% Income Before Income Tax 20,339 17,474 2,865 16% Provision for Income Tax 5,133 4,343 790 18% Income before Non-Controlling Interest 15,206 13,131 2,075 16% Non-Controlling Interest 2,381 2,342 38 2% NIAT Attributable to ALI Equity Holders 12,825 10,788 2,036 19%

Revenue Breakdown 9M 2015 9M 2014 Change %

(in P millions) Property Development 50,289 46,988 3,301 7% Residential 43,079 40,049 3,030 8% New bookings and project completion

Office for Sale 4,366 2,570 1,796 70% Contribution of new launches and higher completion of HSS Corp Plaza

Comm’l/Ind’l lots 2,843 4,369 (1,526) -35% Higher Arca South and Nuvali commercial lot sales in 2014

Commercial Leasing 17,206 15,378 1,828 12% Shopping Center 9,238 8,259 979 12% Improved performance of new malls;

higher occupancy and average rental of existing malls

Office 3,658 3,097 561 18% Contribution of new offices; higher occupancy and average rental of existing offices

Hotels and Resorts 4,310 4,022 288 7% Higher occupancy Services 30,540 20,595 9,945 48% Gross Construction 29,634 19,868 9,766 49% Increase in order book

Property Mgmt. 906 727 179 25% Increase in managed properties Sub -Total 98,035 82,962 15,074 18% Interco Adjustments (24,398) (16,323) (8,075) 49% Real Estate Revenues 73,637 66,638 6,999 11% Interest & Other Income 1,410 1,678 (268) -16% Lower equity in net earnings of FBDC

Total Revenues 75,047 68,316 6,731 10%

Steady performance of core real estate businesses

5

Sustained margin improvement across product lines

6

Margin Performance 9M 2015 9M 2014

Property Development (Gross profit)

Residential Horizontal 43% 42% Sale of higher margin horizontal projects Vertical 35% 35% Steady margins across vertical projects

Office for Sale 38% 40% New project launches in BGC Commercial and Industrial Lots 49% 53% Lower contribution from high margin lots in

Altaraza and Nuvali

Commercial Leasing (EBITDA)

Shopping Centers 69% 63% Higher occupancy and average rental of existing malls, improved performance of new malls

Office 89% 85% Higher occupancy and average rental of existing buildings, positive contribution of new offices

Hotels & Resorts 28% 28% Sustained performance across hotels and resorts

Services (EBITDA) Construction and Property Management

13% 10% Higher margins of MDC and APMC from cost containment initiatives

2009 2010 2011 2012 2013 2014 9M 2015

Other Vismin

Other Luzon

Other MM

Arca South

Manila

Vertis

Cebu

Alabang

BGC

Nuvali

Makati

7

Continued diversification into new growth centers

19%

27%

24%

22%

]

] ]

] ]

34% ] 32%

NIAT contribution per business center

] 40%

2009 2010 2011 2012 2013 2014 9M 2015

Services

Hotels & Resorts

Office

Malls

Comm'l / Ind'l Lots

Bellavita

Amaia

Avida

Alveo

ALP

8

Continued build up of recurring income business

]

] 45%

] 39% ]

44% ] 43%

36%

*Target is to increase the recurring income contribution to 50%

] 38%

NIAT contribution per business segment

] 46%

Balance Sheet is in a solid position to support growth

9

*Includes FVPL (financial assets at fair value through profit and loss) **Equity is inclusive of minority interest

Balance Sheet September December Change %

(in P millions) 2015 2014

Cash & Cash Equivalents* 24,111 34,587 (10,476) -30% Total Borrowings 130,616 124,666 5,950 5% Stockholders’ Equity 129,033 106,940 22,093 21%

Current Ratio 1.26 1.22 - - Debt-to-Equity Ratio** 0.89 1.02 - - Net Debt-to-Equity Ratio** 0.72 0.74 - - Return on Equity 14.5% 14.4% - -

0.6

2.0 2.9 2.6

6.6

3.5

1.3

8.6

4.3

8.5

13.1

15.7

12.9

14.4

10.2

15.1

8.0 8.5

2.0

8.4

7.9% 7.3%

6.2%

5.3% 5.1% 4.5%

4.8%

0

2

4

6

8

10

12

14

16

18

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

Short-term Debt Maturity(in Php Billions)

Long-term Debt Maturity(in Php Billions)

Borrowing Cost

Improved capital efficiency via stretched maturities, lower cost of debt and managed debt mix

2013 2012 2011

Fixed 58%

Float 42%

Fixed 53%

Float 47%

Fixed 69%

Float 31%

Fixed 74%

Float 26%

2014

As of September 30, 2015

Total Borrowings: Php130.6B, Short-term Php8.4B

10

Fixed 85%

Float 15%

9M 2015

Capex spend reached P60.3b

11

Capex Spend 9M 2015 (In Php billions)

Land Acquisition 17.4

Residential Development 22.0

Malls 7.3 Offices 4.3 Hotels and Resorts 0.6

Estate Development 2.4 Others* 6.3

Total 60.3

* ALI Capital, Services and other investments e.g MCT BHd

Land Acquisition

29%

Malls 12%

Offices 7%

Hotels 1% Estate

Development 4%

Others* 10%

Residential 37%

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

ALP

Alveo

Avida

Amaia

BellaVita

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

ALP

Alveo

Avida

Amaia

BellaVita

• Sales take-up of P82.9b (average of P9.2b in monthly sales)

• Overseas Filipino Sales : P20.1b (24% of total sales)

• Booked sales of P51.7b (3Q sales up 24% vs 2Q)

Residential: Sales take-up 4% higher yoy

12

Sales Take-Up (In Php Bn)

Booked Sales (In Php Bn)

24.2

23.9 21.3

27.3

31.2

22.0

23.4

16.2

22.0

14.1

17.5

21.3 23.8

14.0

29.0

16.9

30.5

20.9

12 19

48

65

99

122

136

2009 2010 2011 2012 2013 2014 9M 2015

Unbooked Revenues

13

• Unbooked revenues up 11% yoy

• 2.4x residential revenues in FY2014 (P55.9b)

Continued build-up of unbooked revenues

(in Php Billions)

RioMonte Tranche 3 (July 2015) Nuvali Laguna 175 units, P1.7b, 67% cum. take-up

Key Launches: Residential

14

The Enclaves Tranche 3&4 (Aug 2015) North Point Bacolod 139 units, P467m, 44% cum. take-up

Key Launches: Residential

15

East Veranda (August 2015) Arca South Taguig 199 units, P1.7b 38% cum. take-up

Key Launches: Residential

16

Steps Alabang (August 2015) Alabang Metro Manila 384 units, P985m, 74% cum. take-up

Key Launches: Office for Sale

17

Alveo Financial Tower (September 2015) Makati CBD 363 units, P9.2b, 60% cum. take-up

Key Launches: Estate

18

Vermosa Estate (Sep 2015) Bacoor-Dasmarinas Cavite • 700 hectares

• 124 (CBD) • 10 (Institutions) • 165 (open space)

• 3 residential brands,

horizontal projects • 3.6m sqm of built-up

area • 30,000 residents, 500k

office workers

• Total Capex: P70b (P25b for year 1-5)

• Total Malls GLA: 1.40m sqm

• Additional GLA as of 9M 2015: 67.4k sqm

• Average Occupancy Rate: 94%

• Average Mall Lease Rate: P1,153/sqm/month (up 2% yoy)

• Same Mall Rental Growth: 9%

19

Shopping Centers: GLA up 4% yoy

UP Town Center QC (Jul) 3,900 sqm

Solenad 3 Nuvali (Aug) 15,500 sqm

Circuit Lane Makati (Sep) 11,000 sqm

Completed projects in 3Q 2015 : 30.4k sqm

20

Shopping Centers Update

Completion Mall GLA (in k sqm)

2015 Solenad 3 Nuvali 11 (30k) Iloilo Riverside 1

Legaspi* 18 2016 Lio Palawan 3.2

(198k) Vertis North QC 47 Southpark Alabang 47 Solenad 3 (DS) 13 Iloilo Riverside 1 UPTC Ph2 33 Park Triangle Retail 24 BHS Central Ear Lot 2 Paradigm Pasig 28

2017 Feliz/CMC 80 (367k) Arca South Ph1 73

Capitol Central 74 Circuit Makati 58 Central Bloc 42 Cloverleaf 40

2018 ATG Retail 9 (19k) Citygate 10

Under Construction: 614k sqm Key Launches in 3Q 2015 : 40k sqm

Ayala Malls Cloverleaf Balintawak (Aug) 40,000 sqm

*Under Building and Land Lease Agreement

• Total Offices GLA: 637k sqm

• Additional GLA as of 9M 2015: 56,756 sqm

• Average Occupancy Rate: 93%

• Average BPO Lease Rate: P696/sqm/month (up 5% yoy)

• Leased-out rate: 97%

21

Offices: GLA up 10% yoy Under Construction: 826k GLA

Completion Office GLA (in k sqm)

2015 Boni Stopover 35 (106k) BGC Corp Center 27

ATC BPO 18 eBloc 4 16 UP Bldg P 10

2016 MBS (Paradigm) 47 (190k) Vertis 1 41

PSE at BGC 29 ACC Cebu BPO 29 Circuit 2 26 Southpark BPO 12 UPIS 6

2017 Vertis 2 42 (167k) Citygate Ph1 HQ 19

Arca South BPO 1 35 Circuit 1 45 Jabba 26

2018 Arca South BPO 2 46 (182k) Vertis 3 36

Force 34 Ebloc 5 29 Citygate Ph1 BPO 37

2019 Arca South BPO 3 44 (83k) eBloc 6 39 2020 Arca South BPO 4 42 (98k) ATG Tower 2 56

Hotels and Resorts: 2,324 rooms in operation

22

9M 2015 Hotels Resorts

No. of rooms in operation

Branded: 1,294 Seda: 817

El Nido Resorts: 213

Revpar/night P3,927 (up 4%)

P7,387 (up 12%)

Average room rate

P5,336 (up 2%)

P12,679 (down 9%)

Average occupancy

74% (up 2 pts)

58% (up 11 pts)

Opened Sept 2015: 152 Rooms

Seda Iloilo (152 Rooms)

Completion Hotel No. of Rooms

2016 Seda Capitol Central (Bacolod)

155

2017 Seda Vertis North 438

Seda Lio 153

2018 Seda Circuit 255 Seda Arca South 265 Seda Central Bloc Cebu 214 Seda BGC Expansion 341

2019 Seda City Gate Makati 293

2020 Mandarin Oriental 275

23

Hotels and Resorts Update

Under Construction: 2,389 Rooms Key Launches as of 9M 2015 : 430 Rooms

Mandarin Oriental ATG 275 Rooms

SEDA Bacolod 155 Rooms

Mandarin Hotel

Key Messages

25

1. Net income growth sustained at 19% to P12.8b

2. Revenues increased 10% to P75.0b driven by the steady performance of core real estate businesses which grew 18% before intercompany adjustments

3. Sustained margin improvement across product lines

4. Balance Sheet is in a solid position to support growth

5. Capex spend reached P60.3b

6. Total projects launched worth P97.9b as of 9M 2015 composed of 27 residential projects, 13 leasing projects and 3 estates

Thank You.

INVESTOR RELATIONS

30F Tower One and Exchange Plaza, Ayala Triangle, Makati City

T +9083676 │ F +632 7506790

iru@ayalaland.com.ph

www.ayalaland.com.ph